On Friday 10th September, Delaware-based blank cheque company Banner Acquisition Corp announced the closure of their IPO, after opening on 8th September. The company had released 15,000,000 units containing one share of the company’s Class A common stock combined with one-half of one redeemable warrant, at $10 each. A whole of this warrant would be redeemed by allowing the investor to buy a share of Class A common stock at $11.50, subject to adjustment.
Thus, the IPO had hoped-for a total of $150,000,000. The company traded on the NASDAQ stock exchange under the symbol BNNRU.
The company has given the underwriter 45 days to purchase an additional 2,250,000 units at the IPO price. However, they will be given an underwriter’s discount.
During their offer, Banner Ac...